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Colt1911 [192]
3 years ago
7

Which of the following budgetary entries would the town of Geneva make upon adoption of its Special Revenue Fund Budget for the

year? Assume the following: Estimated Revenues $6,400,000 Appropriations 6,080,000 Debit Credit a) Appropriations Budgetary Fund Balance Estimated Revenues $6,080,000 320,000 $6,400,000 b) Estimated Revenues Appropriations Budgetary Fund Balance $6,400,000 $6,080,000 320,000 c) Expenditures Budgetary Fund Balance Revenues $6,080,000 320,000 $6,400,000 d) Appropriations Estimated Revenues $6,400,000 $6,400,000
Business
1 answer:
babunello [35]3 years ago
4 0

Answer:

b) Estimated Revenues Appropriations Budgetary Fund Balance $6,400,000 $6,080,000 320,000

Explanation:

Estimated Revenues                         $6,400,000  Dr

           Appropriations                                                     $6,080,000 Cr

           Budgetary Fund Balance                                        $320,000 Cr

This entry is made on the adoption of  Special Revenue Fund Budget for the year.

The special revenue fund is used for the special purposes such public maintenance etc.

The entry made on closing

Close out the budget at year end

               Appropriations                   $ 6080,0000 Dr

               Budgetary Fund Balance               $ 320,000  Dr

                               Estimated Revenues                                  $ 6400,000 Cr

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Scoresby Inc. tracks the number of units purchased and sold throughout each year but applies its inventory costing method at the
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Answer:

                       Transactions        Units        Unit Cost   Total Cost

a. Inventory, Beginning               4,000             $ 20      80,000

b. Purchase, March 5                  10,000              21        210,000

c. Purchase, September 19          6,000             23        138,000

d. Sale, April 15                             4,500            65         292500

e. Sale, October 31                        9,000            68        612000

f. Operating expenses  $615,000

Ending Inventory Units 6,500

Cost of Good Available for Sale = 80,000+ 210,000+ 138,000= $428,000

The number of units in ending inventory = Beginning + Purchases - Sales

                                                     =4000+ 10,000+ 6000- 4,500- 9,000

                                                     = 6500

FIFO  cost of ending inventory $ 148500

6,000 units at $ 23 =$138,000

500 units at $ 21= $ 10500

FIFO  cost of goods sold = Sales - FIFO Ending Inventory

                                      = $ 904500- $ 148500= $ 756000

LIFO  cost of ending inventory $ 132500

4,000 units at $ 20 =$80,000

2500 units at $ 21= $ 52500

LIFO  cost of goods sold = Sales - LIFO Ending Inventory

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Weighted  cost of ending inventory = ($428,000/20,000)*6500= $ 139100

Weighted cost of goods sold = Sales - Weighted  Ending Inventory

                                              =$ 904500-$ 139100= $765400

Scoresby Inc. tracks

Income Statement

                                       FIFO                  LIFO            Weighted Method

Sales                      $ 904500            $ 904500         $ 904500

Cost OF Good       $756000            $ 772000            $765400

Sold

Gross Profit           $ 148500             $ 132500             $ 139100

Less

<u>Operating expenses  $615,000         $615,000              $615,000 </u>

Net Loss                   (466,500)            (482,500)            (475,900)

4.LIFO minimizes taxes as it gives the lowest gross profit assigning the oldest values to ending inventory.

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